SEC Hack: Two-Year Prison Term Sought for Fake Bitcoin ETF Announcement

In a shocking incident that shook the cryptocurrency world in January 2024, the SEC’s official X account mistakenly posted false news about the approval of Bitcoin ETFs. This fake announcement triggered a market crash, before the SEC quickly clarified the situation. The person behind the hack, Eric Council Jr., has pleaded guilty and now faces a potential two-year prison sentence for his involvement. The SEC’s cybersecurity breach was part of a larger fraud scheme, with authorities highlighting its impact on market stability.